Nine is expecting its earnings to fall by over $100 million in the current financial year, based on the network’s “current view of market conditions.”

Nine says its full-year EBITDA will fall between $590 million and $600 million, down from the $700.7 million EBITDA for FY22.

9Now saw nearly 22 per cent revenue growth in the March quarter, marginally ahead of February guidance.

“Whilst the structural growth in 9Now’s audiences and engagement continues, the digital video market is not completely immune to the current advertising cycle,” the company notes.

Nine’s advertising revenue across all television is expected to be down “in the very low single digits”, percentagewise compared to the previous year, while costs will increase by 7 per cent.

Nine calls this a “strong outcome against the backdrop of a weak economy, reflecting ongoing revenue share gains.”

This comes as Seven announces it is looking to cut $20 million in spending to offset what CEO James Warburton told the Macquarie Australia conference would be an 11 per cent slowdown in advertising spending for the second half of the financial year.

“The market is still being relatively short and trending in a similar fashion,” he told the conference. “We believe we could expect that to continue through the rest of the second half.”

“Although we don’t know when the recovery will come, when you look at the television market, and you look at it all the way back to FY1989 as we’ve modelled, the market always comes back and comes back in a relatively strong fashion,” Warburton said.

“It comes back differently in many cases, and the focus we’ve taken today on 7plus and the rights we’ve got coming, it will also give us an incredible level of upside on the way through.”